All Forum Posts by: Sherry Patterson

We went to an event the other night REIA and he was talking about houses going to auction. He said that he goes to the house before it is auctioned and makes them a deal which keeps their house from being auctioned and he gets a great deal. I would assume that many of them don't own the house, so what do you do then? My question is how far out from the auction must this be done. Most auctions are not posted more than a couple of weeks or so. If the house is scheduled to be auctioned in less than 2 weeks can you still go and do this? You just make them an offer, sign a contract, if you have to have financing obviously this can not be done that fast. Or will just having a contract stop the auction? Sorry I have lots of questions about how to do this. There are a lot in this area and if it was that easy I am shocked, with all the investors here, that all of them are still on an auction list. Obviously if I can buy it cheaper before it goes to auction that is what I want to do. Can you guys explain how this works? Thank you!

Please include me in your list [email protected]

Thank you!

Sherry

Please include me in your list [email protected]

Thank you!

Sherry

I will be getting my real estate license the end of September.  I need to start work asap!  I do not know where to start to find a broker.  I am in Fort Worth, TX on Eagle Mountain Lake.  I want to eventually be an investor, I currently have 1 rental.  However, I need to make some money to be able to buy.  Since this is my goal I decided to get my licenses so I could learn the business while earning an income.  I have been approached by Keller Williams but have heard their fees are very high.  Someone else suggested United.  I sent in a resume for an investment real estate company, they pay a salary which would be nice, but I did not hear back from them.  About me, at still a young age I have over 25 years of sales, management & marketing experience and have owned six companies. I would appreciate any suggestions you guys have.  With such diverse backgrounds and experience I trust that you could lead me in the right direction where I can learn, grow and be able to keep as much money as possible for my hard work.  Thank you!

This article seems to explain what they did and it seems to ride the line of legal/moral. 
http://www.creonline.com/beat-the-due-on-sale-clau...
However, this was not made clear to us and again we were told that the mortgage would be out of our name within 4 months not 4 years.  It is completely our fault for not seeking counsel before signing.  Thank you all again for looking into it. 

Thank you for all the info. So weird reading the deed that was posted. As I said I don't have the info, however I thought I had read everything before I gave it to the attorney but I have no idea who all these people are listed. Who "bought" the house was Judy & Ivan Johnson who is listed in the deed as Preferred Housing Solutions LLC. I have never heard of Laura Seton! They make the contract so confusing it's hard to understand what it says. I think we just listened to and took the advise of Judy & Ivan and I guess just did not read through what we were signing. They lied and mislead us and at the time we didn't know better. What I don't understand is why we didn't ask who Laura Seton was? or how we didn't notice it. I also can't tell if it states that Laura Seton paid us $10,000? If that is what it says then that also didn't happen. No one paid us for the deed.

As soon as I can get the money for the retainer I am having an attorney look into it.  

Thank you so much!

I am new to this group and working on my real estate lic. planning to work in investment real estate.  So I have my own issue that I am hoping someone on here can help me understand. You guys are always talking about how to buy houses with other peoples money.  Well this is what happened to me and if that person doesn't realize you are buying a house with their money and profiting off of them then that is just not right.  Here is my issue:

4 years ago I agreed to "sell" my house to an investor because the market was bad and we could not sell and were wanting to build. He said that he could find a buyer at the max 4 months and they would refinance into their name and I would be free of the house. So I am not sure what we actually did at closing because the mortgage is still in my name. This prevented us from building because our credit report still shows we own the house and we had to rent for 2 years. After 2 years we were able to show that they were making the payments even though it is still in our name so we could buy a house. However, we could not use our VA because it is still being used on the other house. He did "lease to own" the house right away but they have never been able to "refinance". After 4 years the mortgage is still in our name and the investor has made the profit from the lease all of these years and never put a dime in. I actually paid him to take my house. Obviously in hind sight this was very stupid. If I had wanted to lease the house I would have done that myself and made the profit myself! I am now trying to figure out what my rights are and either force it out of my name or see if I can refinance and accelerate the loan with the current mortgage company and get the house back. They claim they hold the deed but again the mortgage is in my name so as I understand it I hold legal title. So what they have is equitable title? So what about the deed? Who actually owns the house and what rights do I have? Since I am just learning all of this when I read about a "land contract" the other day it sparked this and made me wonder what they actually own and try to figure out what I can do about it. It would save me a ton of money if I could refinance my current house using my VA. I can't read the contract right now because I actually left it with an attorney and unfortunately right after that my husband was laid off so we haven't had the money to continue having him look into it. So I was hoping someone on here might understand better what happened and how I can handle it. Also, for learning purposes since I want to work in investment real estate I want to understand how someone "buys" a house without actually "buying it". Thank you.

I have found a great investment property. It is going to auction in less than a month. I would give my right arm to live in this house. It is way undervalued and I am sure that as the market goes up in the next couple of years that this property can have a $200K+ ROI. My question is: I can not afford this property unless absolutely no one else shows up! It's appraisal value is $1,233,800 but is worth over $2M. The house next door is valued at $4.7M. I am trying to find out if there are any investors that are willing to purchase at auction, allow me to live there for 2 years, I do all the repairs and updating that it needs, pay rent, and when the market is right then sell for a profit. I have ran the numbers on BP and although it is a loss for approximately 2 years the ROI I think will be a min. of 50% closer to 90% or higher depending on what it goes for at auction. The property will increase in value it is on a lake. Are there any investors that are willing to do something like that?

I am looking for an investment partner for an auction July 10th 2015. The property is on a lake and depending on what it goes for at auction could be a fantastic investment property. The property is way under valued but it is more of a luxury property. Potential for a $200K+ ROI. If you are interested in more details please contact me here or email [email protected]. Thank you!